The shares of Chengdu Aircraft Corporation (CAC) surged on the Shenzhen Stock Exchange after reports emerged that the Pakistan Air Force (PAF) shot down several Indian Dassault Rafale fighter jets.
CAC, which manufactures the J-10 and JF-17 fighter jets used by the PAF, saw its stock rise significantly. At 9:45 AM Pakistan time, CAC shares jumped 18% to CNY 71.08. By 11:51 AM, the price settled at CNY 68.88, still up 16.29%.
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Meanwhile, Dassault Aviation, the French maker of Rafale jets, saw its stock drop over 5% on the Paris Stock Exchange. At 11:53 AM PKT, Dassault shares were down EUR 5.40 or 1.64%, trading at EUR 324.
Pakistan’s Defense Minister confirmed that five Indian fighter jets were downed in the incident.
